Early this morning, BP confirmed that Tony Hayward will step down as CEO on October 1, to be replaced by managing director Robert Dudley. The company described the move as a “mutual agreement” between Hayward and BP’s board of directors.

BP Chairman Carl-Henric Svanberg issued the following statement through a press release:

“The BP board is deeply saddened to lose a CEO whose success over some three years in driving the performance of the company was so widely and deservedly admired. The tragedy of the Macondo well explosion and subsequent environmental damage has been a watershed incident. BP remains a strong business with fine assets, excellent people and a vital role to play in meeting the world’s energy needs. But it will be a different company going forward, requiring fresh leadership supported by robust governance and a very engaged board.”

Hayward’s successor Bob Dudley, an American raised in Mississippi, currently oversees BP’s unit responsible for cleanup and compensation programs on the Gulf Coast.

While he may be stepping down as CEO, Hayward is not leaving the company. He will remain on the board until November 30. BP also announced it plans to nominate Hayward as a non-executive director of TNK-BP, the company’s joint venture in Russia.

Regarding his departure as CEO, Hayward said in a press release, “The Gulf of Mexico explosion was a terrible tragedy for which — as the man in charge of BP when it happened — I will always feel a deep responsibility, regardless of where the blame is ultimately found to lie.”